Thyssenkrupp Ag revenue decreased on 8.2% in 2016 and EBITDA Margin increased slightly on 0.78 pp from 5.5% to 6.3%
24 Nov 2016 • About Thyssenkrupp Ag (
$0O1C) • By InTwits
Thyssenkrupp Ag reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Thyssenkrupp Ag has low CAPEX intensity: 5 year average CAPEX/Revenue was 3.1%. At the same time it's a lot of higher than industry average of 14.2%.
- CAPEX is quite volatile: 16,643 in 2016, 11,423 in 2015, 5,206 in 2014, 4,233 in 2013, 7,433 in 2012
- The company has highly profitable business model: ROIC is at 12.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Thyssenkrupp Ag ($0O1C) key annual financial indicators
| mln. € | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 41,536 | 38,559 | 41,212 | 42,778 | 39,263 | -8.2% |
| Gross Profit | 1,464 | 4,737 | 6,205 | 6,874 | 6,626 | -3.6% |
| SG&A | 5,132 | 4,908 | 5,053 | 5,280 | 5,280 | 0.0% |
| EBITDA | 1,660 | 1,360 | 2,319 | 2,351 | 2,463 | 4.8% |
| Net Income | -4,241 | -1,436 | 212 | 309 | 296 | -4.2% |
Balance Sheet
|
|---|
| Cash | 2,221 | 3,813 | 4,030 | 4,535 | 4,105 | -9.5% |
| Short Term Debt | 2,610 | 2,918 | 1,957 | 2,342 | 2,204 | -5.9% |
| Long Term Debt | 5,256 | 6,955 | 6,651 | 6,385 | 6,378 | -0.1% |
Cash flow
|
|---|
| Capex | 1,559 | 1,120 | 1,189 | 1,150 | 1,216 | 5.7% |
Ratios
|
|---|
| Revenue growth | -2.8% | -7.2% | 6.9% | 3.8% | -8.2% | |
| EBITDA growth | -58.8% | -18.1% | 70.5% | 1.4% | 4.8% | |
| Gross Margin | 3.5% | 12.3% | 15.1% | 16.1% | 16.9% | 0.8% |
| EBITDA Margin | 4.0% | 3.5% | 5.6% | 5.5% | 6.3% | 0.8% |
| Net Income Margin | -10.2% | -3.7% | 0.5% | 0.7% | 0.8% | 0.0% |
| SG&A, % of revenue | 12.4% | 12.7% | 12.3% | 12.3% | 13.4% | 1.1% |
| CAPEX, % of revenue | 3.8% | 2.9% | 2.9% | 2.7% | 3.1% | 0.4% |
| ROIC | -27.3% | -6.5% | 10.8% | 9.5% | 12.7% | 3.2% |
| ROE | -67.5% | -49.5% | 8.1% | 10.0% | 11.2% | 1.2% |
| Net Debt/EBITDA | 3.4x | 4.5x | 2.0x | 1.8x | 1.8x | 0.0x |
Revenue and profitability
The company's Revenue decreased on 8.2% in FY2016. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 0.78 pp from 5.5% to 6.3% in FY2016.
Gross Margin increased slightly on 0.81 pp from 16.1% to 16.9% in FY2016. SG&A as a % of Revenue increased slightly on 1.1 pp from 12.3% to 13.4% in FY2016.
Net Income marign showed almost no change in FY2016.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 3.1% in FY2016. CAPEX/Revenue showed almost no change from FY2013 to FY2016. It's average level of CAPEX/Revenue for the last three years was 2.9%.
Return on investment
The company operates at good ROIC (12.70%) while ROE is low (11.20%). ROIC increased on 3.2 pp from 9.5% to 12.7% in FY2016. ROE increased slightly on 1.2 pp from 10.0% to 11.2% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.8x and Debt / EBITDA is 3.5x. Net Debt / EBITDA increased on 0.035x from 1.8x to 1.8x in FY2016. Debt decreased slightly on 1.7% in FY2016 while cash decreased on 9.5% in FY2016.
Appendix 1: Peers in General Industrials
Below we provide Thyssenkrupp Ag benchmarking against other companies in General Industrials industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Press Corp ($PESD) | 111.1% | 52.6% | 20.3% | 17.8% | |
| Macfarlane Group ($MACF) | -1.9% | 1.4% | 6.9% | 10.0% | |
| Robinson ($RBN) | -1.6% | 10.2% | 20.3% | 3.8% | |
| Coral Products ($CRU) | | -0.2% | -0.3% | 1.2% | 7.4% |
| Barloworld ($BWO) | | 1.6% | 4.4% | 1.0% | 6.1% |
| |
|---|
| Median (9 companies) | 1.3% | 1.6% | 3.2% | 1.0% | 6.7% |
|---|
| Thyssenkrupp Ag ($0O1C) | | -7.2% | 6.9% | 3.8% | -8.2% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Press Corp ($PESD) | 58.9% | 54.4% | 56.0% | 54.5% | |
| Macfarlane Group ($MACF) | 32.0% | 31.2% | 30.9% | 31.5% | |
| Honeywell International Inc ($HON) | 24.9% | 27.4% | 28.2% | 30.7% | |
| Smurfit Kappa Group ($SKG) | 28.6% | 28.9% | 29.5% | 30.0% | |
| Coral Products ($CRU) | 22.1% | 24.6% | 23.7% | 29.6% | 33.1% |
| |
|---|
| Median (9 companies) | 24.9% | 27.4% | 25.4% | 29.6% | 27.5% |
|---|
| Thyssenkrupp Ag ($0O1C) | 3.5% | 12.3% | 15.1% | 16.1% | 16.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Press Corp ($PESD) | 29.5% | 29.6% | 29.2% | 25.3% | |
| Honeywell International Inc ($HON) | 13.5% | 16.6% | 16.8% | 20.0% | |
| Jardine Strategic Hldgs ($88EI) | 15.0% | 13.3% | 13.5% | 15.1% | |
| Smurfit Kappa Group ($SKG) | 13.4% | 12.8% | 12.7% | 14.3% | |
| General Electric Co. ($GEC) | 17.2% | 16.5% | 13.3% | 10.4% | |
| |
|---|
| Median (9 companies) | 13.5% | 13.3% | 13.3% | 10.4% | 8.6% |
|---|
| Thyssenkrupp Ag ($0O1C) | 4.0% | 3.5% | 5.6% | 5.5% | 6.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Press Corp ($PESD) | 21.3% | 8.5% | 12.1% | 9.0% | |
| General Electric Co. ($GEC) | 10.5% | 9.4% | 6.1% | 6.3% | |
| Smurfit Kappa Group ($SKG) | 4.3% | 4.4% | 5.3% | 5.3% | |
| Robinson ($RBN) | 4.3% | 6.0% | 3.5% | 3.7% | |
| Jardine Strategic Hldgs ($88EI) | 5.8% | 5.2% | 4.1% | 2.9% | |
| |
|---|
| Median (9 companies) | 4.3% | 5.2% | 3.5% | 2.9% | 5.2% |
|---|
| Thyssenkrupp Ag ($0O1C) | 3.8% | 2.9% | 2.9% | 2.7% | 3.1% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Honeywell International Inc ($HON) | 21.8% | 23.0% | 21.3% | 23.2% | |
| Press Corp ($PESD) | 21.6% | 27.1% | 24.7% | 18.9% | |
| Macfarlane Group ($MACF) | 17.9% | 22.2% | 19.0% | 17.8% | |
| Smurfit Kappa Group ($SKG) | 10.8% | 11.2% | 11.8% | 13.9% | |
| Barloworld ($BWO) | 14.0% | 13.5% | 14.1% | 12.9% | 12.8% |
| |
|---|
| Median (9 companies) | 10.8% | 11.2% | 11.8% | 12.9% | 8.0% |
|---|
| Thyssenkrupp Ag ($0O1C) | -27.3% | -6.5% | 10.8% | 9.5% | 12.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| General Electric Co. ($GEC) | 10.5x | 8.9x | 12.0x | 10.6x | |
| Coral Products ($CRU) | 1.5x | 2.9x | 3.4x | 2.7x | 2.5x |
| Smurfit Kappa Group ($SKG) | 2.9x | 2.6x | 2.7x | 2.6x | |
| Barloworld ($BWO) | 1.5x | 1.4x | 1.2x | 1.7x | 1.2x |
| Macfarlane Group ($MACF) | 1.0x | 0.8x | 1.3x | 1.3x | |
| |
|---|
| Median (9 companies) | 1.4x | 1.3x | 1.3x | 1.3x | 1.8x |
|---|
| Thyssenkrupp Ag ($0O1C) | 3.4x | 4.5x | 2.0x | 1.8x | 1.8x |
